High Housing Costs Prevent Families from Developing Savings Safety Net
- Eighty-three percent of respondents are concerned about housing costs in the U.S.,
- 80 percent would welcome more affordable housing in their communities.
- Over 65% of Americans are “cost-burdened.
“It all starts with housing,” said NHP Foundation President and CEO Dick Burns. “Without the underpinning of a secure place to live, it’s nearly impossible for an individual or head of household to find and keep a job and provide for themselves and their loved ones.”
With this many Americans feeling “cost-burdened,” it’s no surprise that 80% welcome affordable housing.
- Nearly 40% of those polled welcome affordable housing simply because “everyone deserves” it,
- Twenty-five percent cite the opportunity for “people to live in the community where they work.”
- Nearly 20% agree that affordable housing lets a wider range of individuals share a community, and 16% acknowledge affordable housing’s ability to revitalize neighborhoods.
The anxiety about losing their housing is related to the fact that a large share of American families is not developing a savings safety net, in large part due to high housing costs.
According to data from the Federal Reserve Board, 47 percent of U.S. households would not be able to cover an emergency expense of $400. Nearly 40% of respondents fear job loss will lead to loss of housing.
With the August Jobs Report cited as the “worst month for job gains” of the year, The NHP Foundation polled 1000 Americans to gauge their feelings about housing and job security.
The NHP Foundation (NHPF) was launched on January 30, 1989, as a publicly supported not-for- profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities.
NHPF also provides a robust resident services program to nearly 18,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has 36 properties located in New Jersey, 13 additional states and the District of Columbia.